Giro Bank’s third quar­ter profit goes up by 32 per cent

CYN­THIA ILAKO / Giro Com­mer­cial Bank posted a 32.84 per cent rise in profit af­ter tax for the nine months to Septem­ber com­pared with the same pe­riod last year, the tier three lender an­nounced yes­ter­day. Net profit in­creased to Sh509.35 from Sh383.44 mil­lion a year ear­lier, ac­cord­ing to the bank’s unau­dited state­ment. The prof­itabil­ity was largely driven by a 20.25 per cent jump in net in­ter­est to Sh754.60 mil­lion from Sh627.52 mil­lion it posted 12 months ago. Loans and ad­vances were flat at Sh9.12 bil­lion, largely un­changed from last year, as the bank re­leased the fi­nan­cial per­for­mance re­port postin­ter­est caps en­forced on Septem­ber 14. Cus­tomer de­posits dropped 3.05 per cent to Sh12.70 bil­lion from Sh13.10 bil­lion in Septem­ber 2015. To­tal in­sider loans de­creased from Sh814.97 mil­lion in Septem­ber 2015 to Sh640.19 mil­lion at the end of last Septem­ber.